Rigetti Computing (NASDAQ:RGTI) Stock Price Down 3.5% – Time to Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI) traded down 3.5% during mid-day trading on Wednesday . The stock traded as low as $9.55 and last traded at $9.48. 22,144,306 shares were traded during mid-day trading, a decline of 53% from the average session volume of 46,959,070 shares. The stock had previously closed at $9.82.

Analyst Ratings Changes

RGTI has been the subject of a number of research reports. Craig Hallum started coverage on Rigetti Computing in a research report on Friday, December 20th. They set a “buy” rating and a $12.00 price target for the company. Alliance Global Partners reiterated a “buy” rating on shares of Rigetti Computing in a research report on Thursday, March 6th. B. Riley increased their price target on shares of Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Needham & Company LLC reaffirmed a “buy” rating and issued a $17.00 price objective on shares of Rigetti Computing in a report on Thursday, March 6th. Finally, Benchmark reissued a “buy” rating and set a $14.00 target price on shares of Rigetti Computing in a report on Thursday, March 6th. Five research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $14.50.

Rigetti Computing Trading Down 3.8 %

The firm has a market cap of $2.33 billion, a PE ratio of -21.45 and a beta of 1.36. The company has a 50-day simple moving average of $10.76 and a 200 day simple moving average of $6.68. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.08). The firm had revenue of $2.27 million for the quarter, compared to the consensus estimate of $2.40 million. Rigetti Computing had a negative net margin of 509.58% and a negative return on equity of 51.56%. During the same period in the prior year, the firm posted ($0.04) earnings per share. As a group, sell-side analysts forecast that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Transactions at Rigetti Computing

In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of the stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $7.76, for a total transaction of $2,729,851.60. Following the transaction, the chief technology officer now owns 1,094,738 shares in the company, valued at approximately $8,495,166.88. This represents a 24.32 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 2.81% of the company’s stock.

Institutional Trading of Rigetti Computing

A number of institutional investors and hedge funds have recently made changes to their positions in RGTI. Vanguard Group Inc. grew its stake in Rigetti Computing by 81.7% in the 4th quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company’s stock valued at $179,249,000 after acquiring an additional 5,280,128 shares during the period. Invesco Ltd. grew its position in shares of Rigetti Computing by 7,367.2% in the fourth quarter. Invesco Ltd. now owns 4,580,317 shares of the company’s stock valued at $69,896,000 after purchasing an additional 4,518,978 shares during the period. JPMorgan Chase & Co. grew its position in shares of Rigetti Computing by 3,295.7% in the fourth quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company’s stock valued at $32,314,000 after purchasing an additional 2,055,203 shares during the period. Nuveen Asset Management LLC increased its stake in shares of Rigetti Computing by 418.6% during the fourth quarter. Nuveen Asset Management LLC now owns 999,617 shares of the company’s stock worth $15,254,000 after purchasing an additional 806,878 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Rigetti Computing by 20.6% during the 3rd quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock worth $2,837,000 after purchasing an additional 617,506 shares during the last quarter. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

About Rigetti Computing

Rigetti Computing, Inc, through its subsidiaries, builds quantum computers and the superconducting quantum processors. The company offers cloud in a form of quantum processing unit, such as 9-qubit chip and Ankaa-2 system under the Novera brand name; and sells access to its quantum computers through quantum computing as a service.